[Vitalstatistiks]

Originally Posted by DigitalOne

The anticipate fuel price hike post elections may not happen

I think that's wishful thinking. Prices have already gone by 36 paise since the last day of voting. While the proces may not boomrang upwards crazily, Oil Cos will need to recover the losses sustained during the last two months.

[sgiitk]

@Vitalstatistiks; With the rupee heading towards a better valuation, quite a bit of the oil price shock will be cushioned. However, with Iran-US equation on the slide do expect some changes. In any case the increase over six weeks has been small.

[condor]

Originally Posted by DigitalOne

The anticipate fuel price hike post elections may not happen

@DigitalOne, a rise is likely in about 6-8 weeks due this:

Originally Posted by sgiitk

However, with Iran-US equation on the slide do expect some changes.

If the sanctions on Iran are not removed, then we will need to purchase from other sellers. Though India & China are trying to buy together, there will be some impact.

[StarScream]

Prices on a liter of diesel and petrol raised by 2 rupees each in the budget. Sitharaman raises excise duty and cess on both fuels.

https://www.indiabudget.gov.in/budgetspeech.php

[volkman10]

Petrol price hiked by Rs 2.45, diesel by Rs 2.36 following tax hike in Budget.

Petrol price in Delhi was increased by Rs 2.45 per litre to Rs 72.96 while the increase in Mumbai was Rs 2.42 to Rs 78.57.
In Kolkata, petrol price went up by Rs 2.40 to Rs 75.15 and in Chennai by Rs 2.57 to Rs 75.76 a litre.


Diesel price was hiked by Rs 2.36 per litre in Delhi to Rs 66.69 and by Rs 2.50 per litre in Mumbai to Rs 69.60.


Link

[SoumenD]

Tanked up(petrol) yesterday evening at 72.8 @ HP in Bangalore. Today due to budget announcement it shot up to 75.3/ltr. Hope State government doesn't add further taxes

[ptaneja]

Keep on milking - salaried class with tax being deducted at source, and then petroleum products.

[Vitalstatistiks]

Originally Posted by Vitalstatistiks

I think that's wishful thinking. Prices have already gone by 36 paise since the last day of voting.

Quoting myself. Basically, if the crude oil prices or the rupee/dollar exchange does not get you, the government will. All they were waiting for, was the election. Can't wait for the next set of state elections! Someone should do an analysis of fuel pries linked with important elections in India

[carboy]

Originally Posted by Vitalstatistiks

Can't wait for the next set of state elections!

We need a rule that there should be atleast a 2 month gap between elections of different states. That would ensure that there is always a state election going on in some state of the country.

[boniver]

Fuel prices slashed (marginally)

State-run oil marketing companies lowered the retail prices of petrol and diesel on Thursday (July 25) across four metro cities. After the daily revision in retail fuel rates, the price of petrol in all metro cities slashed by 2-6 paise per litre while diesel became cheaper by 2-7 paise.

Petrol prices were slashed in New Delhi by 6 paise to Rs 73.35 a litre on Thursday as against Rs 73.41 a litre on Wednesday. Diesel in the national capital became cheaper by 6 paise to Rs 66.18 as compared with Rs 66.24 yesterday’s price. The pump price of petrol and diesel in the national capital Delhi are the cheapest among all metros and most state capitals owing to lower taxes.

Petrol and diesel prices across the country remain unchanged on Wednesday. On July 5, Finance Minister Nirmala Sitharaman had announced the imposition of additional special excise duty of Re 1 per litre and road and infrastructure cess of Re 1 per litre on both petrol and diesel in the Union Budget 2019-20.

In Kolkata, the retail prices of petrol and diesel are Rs 75.87 (2 paise less) a litre and Rs 68.29 (2 paise decrease) a litre respectively, according to data available on Indian Oil Corporation website. Similarly, in Mumbai, petrol is sold at Rs 78.96 a litre, down 6 paise compared with yesterday's price of Rs 79.02 a litre, and diesel is sold at Rs 69.36, down 7 paise from Rs 69.43 a litre on Wednesday.

Citizens in Chennai have to pay Rs 76.18 (6 paise less) for a litre of petrol while diesel retailed at Rs 69.90 per litre, 6 paise less than yesterday’s price. In Noida, petrol is retailing at 72.58 a litre, decrease by 5 paise from Rs 72.63 a litre on Wednesday Diesel became cheaper by 5 paise to Rs 65.29 as compared with Rs 65.34 yesterday’s price The price of petrol in Gurugram came down by 1 paise to Rs 73.14 a litre while diesel retailed at Rs 65.41 per litre, 2 paise less than yesterday’s price.

As per the country’s daily dynamic pricing mechanism, the fuel price is dependent on the global prices of benchmark fuel and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.

On Thursday, in the international oil market, crude prices moved higher early after declining in the previous session as more indications of tepid global growth added to demand concerns. International Brent crude oil futures were trading at USD 63.24 per barrel, up 6 cents, from their last close.

Last week, Goldman Sachs reduced its 2019 oil demand projection, joining other forecasters such as the International Energy Agency (IEA) and Opec in slashing its outlook for fuel use. Earlier this month, Morgan Stanley had cut down its long-term Brent crude prediction to USD 60 per barrel from USD 65 per barrel, mentioning the oil market is balanced in 2019 after OPEC and Russia agreed to extend their supply reduction by even longer than expected.

Source

[GTO]

Simply fantastic image in the Times of India daily newsletter that sums the situation up

[rajvardhanraje]

A slight rise in international crude prices ends up being passed on to the consumer but any drop in price is used to fill the government coffers. In the end we will always end up paying higher prices no matter what the international crude price is.

[condor]

Heard that Yemen rebels have used drones to hit Aramco oil processing facility in Saudi. Some increase in Oil prices ?

[sabby_4c]

Apparently Saudi Arabia plan to shut off half of the oil production after the drone attack. May as well be they just want to limit supply to increase price using this as an excuse.

[speedmiester]

Expect a rise in fuel prices until the Aramco restores supply to the oil market.
Crude Prices have risen as high as 20% and will have significant impact on the fuel prices.

Right time for a push towards renewable energy sources.